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Disappointment for first time buyers says L&H

Chancellor Gordon Brown has disappointed thousands of first time home buyers by not raising the £60,000 starting threshold for Stamp Duty on residential properties says Leeds & Holbeck Building Society.

The building society warns that many FTBs find it a considerable struggle to afford their first home and Stamp Duty only adds to this burden.

Chief executive Ian Ward says: “The Chancellor has missed a golden opportunity as the continued buoyancy of the housing market depends on people being able to get onto the housing ladder.

“As house prices continue to rise an increasing number of first time buyers now pay Stamp Duty at a rate of 1 per cent on the value of their new home.”

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